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the federal subsidy for pbs in 2012 doesn't make up a huge part of this deficit. for example, 2012, the federal subsidy for pbs was $444 million. if you compare that to romney's plan for the federal budget, you'll see how miniscule it is. pbs subsidy, $444 million. but if you look at the tax breaks to oil and gas companies that romney defended last night, those add up to $4 billion this year alone. and take a look at mitt romney's plan for the defense budget. he wants to increase spending by $2 trillion over the next ten years. so, i mean, big bird is a big diversion to what he's really talking about in terms of the deficit. >> well, i think those of us out here crave specifics from governor romney. and when he's talked about this in the past, he's often thrown big bird under the bus. i don't know what would happen if he threw big bird under the bass. maybe the bus would go off the road. but never the let's, he has this little set piece he does. do you want to know what i'll cut? i'll cut pbs and big bird, the national endowment of humanities and the amtrak subsid
the federal subsidy for pbs in 2012 doesn't make up a huge part of this deficit. for example, 2012, the federal subsidy for pbs was $444 million. if you compare that to romney's plan for the federal budget, you'll see how miniscule it is. pbs subsidy, $444 million. but if you look at the tax breaks to oil and gas companies that romney defended last night, those add up to $4 billion this year alone. and take a look at mitt romney's plan for the defense budget. he wants to increase spending by $2...
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fourth, a balanced plan to reduce our deficit by... four trillion dollars over the next decade, on top of the... trillion in spending we've already cut. i'd ask the wealthy to pay a little more. and as we end the war in afghanistan... let's apply half the savings to pay down our debt and... use the rest for some nation-building... right here at home. it's time for a new economic patriotism, rooted in the... belief that growing our economy begins with a strong... thriving middle class. read my plan. compare it to governor romney's, and decide for yourself. thanks for listening. i'm barack obama and i appro this message. >> there was a protest today in northwest washington over smart meters. they allow passengers to pay for a cab using a credit card and a back seat. >> opponents say they can start fires in violate privacy laws. >> in this country and world has grown around the technology revolution. studies show they are safe. we have a lot of academic papers we are happy to let anyone read. >> the upgrade program for cabs was put on hold last month. >> a frightening scene in bethesda as
fourth, a balanced plan to reduce our deficit by... four trillion dollars over the next decade, on top of the... trillion in spending we've already cut. i'd ask the wealthy to pay a little more. and as we end the war in afghanistan... let's apply half the savings to pay down our debt and... use the rest for some nation-building... right here at home. it's time for a new economic patriotism, rooted in the... belief that growing our economy begins with a strong... thriving middle class. read my...
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social security hasn't contributed one nick toel to th deficit. can pay out benefits for the next 21 years. the president should be saying now what he said four years ago. he will not cut social security while romney and ryan certainly are. >> now, senator, one thing that i think is puzzling democrats and supporters of the president, as well, today is both men had a chance at closing arguments last night. that is one of the things that they knew was coming their direction. listen in part to what president obama had to say. >> four years ago, i said that i'm not a perfect man and i wouldn't be a perfect president and that is a promise that governor romney thinks i kept. >> why specifically point out the flaws? was that a good choice? >> well, i think not. i mean, i think -- here's what i think the position of the president should be. look, everybody knows the economy is in a lot of trouble today. we all know that. everybody knows that the rich are getting much richer and the middle class is shrinking and poverty and that is the simple truth. but wh
social security hasn't contributed one nick toel to th deficit. can pay out benefits for the next 21 years. the president should be saying now what he said four years ago. he will not cut social security while romney and ryan certainly are. >> now, senator, one thing that i think is puzzling democrats and supporters of the president, as well, today is both men had a chance at closing arguments last night. that is one of the things that they knew was coming their direction. listen in part...
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>> he did say he doesn't want to see the deficit go up. i think in implicit in what governor romney was saying if you have more economic growth, you solve a lot of problems. i mean the cbo, the congressional budget office has been assuming about 2.2% growth rate when the historical average of the united states is 3.7. that extra 1.5% makes a lot of difference when it comes to growing your way out of the deficit and also getting back to jobs and reducing unemployment which governor romney kept hammering on, unemployment above 8% for pushing four years now. that's a big deal. connell: jim pinkerton and dagen is right a lot of tax talk last night. thanks for coming in with us today. we appreciate it. dagen: nerds unite. we're open for business in cleveland. connell: absolutely. all day long, one of the newest businessman in that city, the new owner of the cleveland browns, he will join our own liz claman coming up next. ♪ think it's weird to collect air? you wouldn't think so if you saw what your lungs collect every time you breathe. protec
>> he did say he doesn't want to see the deficit go up. i think in implicit in what governor romney was saying if you have more economic growth, you solve a lot of problems. i mean the cbo, the congressional budget office has been assuming about 2.2% growth rate when the historical average of the united states is 3.7. that extra 1.5% makes a lot of difference when it comes to growing your way out of the deficit and also getting back to jobs and reducing unemployment which governor romney...
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. >> you said you'd cut the deficit in half. it's now four years later, we still have trillion dollar deficits. >> the way we do it is $2.50 per cut, we ask for $1 of additional revenue, paid for, as i indicated earlier, by asking those of us who have done very well to contribute a little bit more to reduce the deficit. >> reporter: the president insisted romney would spend $5 trillion on tax breaks favoring the wealthy. >> math, common sense and our history shows us that's not a recipe for job growth. >> everything he just said about my tax plan is inaccurate. >> reporter: they clashed on wall street and medicare. >> cutting $716 million from medicare in order to pay obama care is a mistake. >> if you repeal obama care, and i have become fond of this term, obama care, if you repeal it is what happens is those seniors will be paying $600 more in prescription care. >> reporter: the fiercest exchange over health care and jobs. >> i just don't know how the president could come into office facing 23 million people out work, rising u
. >> you said you'd cut the deficit in half. it's now four years later, we still have trillion dollar deficits. >> the way we do it is $2.50 per cut, we ask for $1 of additional revenue, paid for, as i indicated earlier, by asking those of us who have done very well to contribute a little bit more to reduce the deficit. >> reporter: the president insisted romney would spend $5 trillion on tax breaks favoring the wealthy. >> math, common sense and our history shows us...
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to force congress to enact a compromise deficit reduction plan. it was never designed to be implemented. if it comes to pass it will inevitably lead to a halloween of the force impacting our investments, lives of service members, other employees and their families, as well as as i said all be a very agencies of government. it is no way to do business from a management point of view. the nature of sequestration makes it impossible to devise a plan that eliminates or even substantially mitigate its foolish impacts. we are working with o m b to understand this complicated legislation and assessing its impact and will be ready to implement it if it ever comes to pass but we are three months from january and i am hoping to quote secretary panetta has a lot of experience, that congress and republicans and democrats will emphasize the necessary leadership to make sure sequestration is triggered, putting the national interest above all else. the sequester is averted as so many in congress actually wish, under the budget control act to get back to the begi
to force congress to enact a compromise deficit reduction plan. it was never designed to be implemented. if it comes to pass it will inevitably lead to a halloween of the force impacting our investments, lives of service members, other employees and their families, as well as as i said all be a very agencies of government. it is no way to do business from a management point of view. the nature of sequestration makes it impossible to devise a plan that eliminates or even substantially mitigate...
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president arguing romney's plan on taxes and the deficit are the same types of ideas that caused the recession. here's what romney had to say about tackling the ballooning debt. >> i think it's not just an economic issue. i think it's a moral issue. i think it's frankly not moral for my generation to keep spending massively more than we take in, knowing those burdens are going to be passed on to the next generation. and they're going to be paying the interest and the principal ail their lives. and the amount of debt we're adding at a trillion a year is simply not moral. >> jim, that's a message that is probably pretty effective to a middle-income voter in ohio or pennsylvania. but i know last night you were all about the things that were said about coal, things that were said about solar, and there were a million trades in there last night. >> at jim cramer on twitter, i try to come to play with what i can do, which is that if you wanted to know specific stocks to buy off this, of which by the way, there were many, if you felt that obama were to lose and romney to win, this is a gift
president arguing romney's plan on taxes and the deficit are the same types of ideas that caused the recession. here's what romney had to say about tackling the ballooning debt. >> i think it's not just an economic issue. i think it's a moral issue. i think it's frankly not moral for my generation to keep spending massively more than we take in, knowing those burdens are going to be passed on to the next generation. and they're going to be paying the interest and the principal ail their...
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they also tackled medicare, role of the federal government, deficit. governor romney had set out to correct information that he said was put out by the obama camp that was incorrect. he was reviewed instantly on-line as being the better prepared and more forceful of the two, and spent a lot of time defining his plans and taking it to the president on the last four years. there were a lot of arguments about math. one example, obama charged the governor wants to cut taxes by $5 trillion and add 2 trillion in defense spending. >> we tried this, we've tried both approaches. the approach that governor romney is talking about is the same sales pitch that was made in 2001 and 2003 and we ended up with the slowest job growth in 50 years. >> my plan is not like anything that's been tried before. my plan is to bring down rates, but also bring down the deductions and eliminations and credits at the same time so the revenue stays in, but that we bring down rates to get more people working. we talk about evidence, look at the evidence of the last four years. it's a
they also tackled medicare, role of the federal government, deficit. governor romney had set out to correct information that he said was put out by the obama camp that was incorrect. he was reviewed instantly on-line as being the better prepared and more forceful of the two, and spent a lot of time defining his plans and taking it to the president on the last four years. there were a lot of arguments about math. one example, obama charged the governor wants to cut taxes by $5 trillion and add 2...
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possible to come up with enough deductions only affect high income individuals to avoid either raising deficit or burdening the middle class. does anyone out there think that the big problem we had is that there is too much oversight and regulation of wall street? because if you do, then... governor romney is your candidate. >> don't forget, you put $90 billion, like 50 years worth of breaks into solar and wind. to sole lynn dra and fiskar and tesla. i had a friend that said you don't just pick binners and losers, pick the losers. and carl rove joins us. let's go to the issue of undecided. jump in there. those at least watching. >> well, we're likely to see a bump out of this. not much of a bump but a little bit of a bump. first debate is most important of the debates and this typically the winner that gets a point two points out of the debate. there is a close race like this, that matters but to step back just a moment. what matters is that there is to a lesser extent there is the vice presidential debate. soits not over tonight but there is a strong start for mitt romney. and this is an asto
possible to come up with enough deductions only affect high income individuals to avoid either raising deficit or burdening the middle class. does anyone out there think that the big problem we had is that there is too much oversight and regulation of wall street? because if you do, then... governor romney is your candidate. >> don't forget, you put $90 billion, like 50 years worth of breaks into solar and wind. to sole lynn dra and fiskar and tesla. i had a friend that said you don't...
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you said you would cut the deficit in half. and we'll have a trillion dollar deficit each of the next four years. if you are re-elected we'll get to a trillion dollar deficit. you said before you would cut it in half. i love this idea of $4 trillion in cuts. you've found $4 trillion to get closer to a balanced budget, yet we still have trillion dollar deficits every year. let me come back -- why don't i want to raise taxes? why don't i want to raise taxes on people? and actually you said it. back in 2010, you said, look, i'm going to extend the tax policies we have. i won't raise taxes on anyone. when we're in a recession, you shouldn't raise taxed on anyone. the economy is still growing slow. as a matter of fact, it's growing much more slowly now than when you made the statement. if you believe the same thing, you don't want to raise taxes on people. and the reality is, it's not just wealthy people, not just donald trump are you taxing. it's all the businesses that employ one quarter of the workers in america, that are taxes a
you said you would cut the deficit in half. and we'll have a trillion dollar deficit each of the next four years. if you are re-elected we'll get to a trillion dollar deficit. you said before you would cut it in half. i love this idea of $4 trillion in cuts. you've found $4 trillion to get closer to a balanced budget, yet we still have trillion dollar deficits every year. let me come back -- why don't i want to raise taxes? why don't i want to raise taxes on people? and actually you said it....
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romney narrowed deficit about who cares for the middle class. there are kind of four important metrics i've been paying a lot of attention to within our poll and other polls that are kind of lower in the cross tabs but matter a great deal which is, who is a strong leader? who can get things done? and those have been neck-and-neck. romney has had the lead on who can actually get things done and, i think he will, he will build on that. but the fact that more people thought romney would be the best of the two candidates to actually accomplish something shows there was upside potential and upside growth. you remember back in 2008, i've been saying this for months, at the height of his popularity barack obama only got 52.9% of the popular vote. so, even though he still is leading in the swing states and those will tighten up, romney does have a floor that he can build off of from 2008. >> holman, a great american. we appreciate it. enjoy the rest of your night in denver. this is what i call an honor. craig gordon, runs our coverage. don't even know w
romney narrowed deficit about who cares for the middle class. there are kind of four important metrics i've been paying a lot of attention to within our poll and other polls that are kind of lower in the cross tabs but matter a great deal which is, who is a strong leader? who can get things done? and those have been neck-and-neck. romney has had the lead on who can actually get things done and, i think he will, he will build on that. but the fact that more people thought romney would be the...
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cutting the deficit. romney ended with the divisiveness, saying he would on day one be able to be collaborative, bring the two sides together. and, of course, in his closing statements, was very specific in term of where he is going to allocate capital and where he would not. and he mentioned the military, insuring that keeping america safe is one of the priorities. and that means not cutting military spending. >> i want to get thoughts on the debate from our john harwood who is on the ground in denver. what is your first reaction? >> my first reaction is that it was a strong debate for mitt romney. it's always hard for me to judge what millions of americans sitting in their living rooms are going to conclude about the debate. neither candidate had a huge stumble. i thought mitt romney had an especially strong moment when he confronted the president on cutting the deficit and challenged him directly. the bottom line i take from talking to people who work in politics and campaigns is the republicans are an
cutting the deficit. romney ended with the divisiveness, saying he would on day one be able to be collaborative, bring the two sides together. and, of course, in his closing statements, was very specific in term of where he is going to allocate capital and where he would not. and he mentioned the military, insuring that keeping america safe is one of the priorities. and that means not cutting military spending. >> i want to get thoughts on the debate from our john harwood who is on the...
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in half and we've had four years of trillion dollar budget deficits. these are promises and he's got to be held accountable for that. >> i hope mitt romney is listening to this and takes your advice. a debate of 90 minutes is a precious commodity and i'm saying that from romney's perspective, there are other issues that have a much better chance to move him forward than talking about solyndra. >> i got to leave it there, gentlemen. i know, did -- please stay with cnbc for tonight's coverage. i'm larry kudlow. thanks for watching. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. which can withstand over three and a half tons. and every day since, two years ago, the people of bp made a commitment to the gulf. we've worked hard to keep it. bp has paid over twenty-three billion dollars to help people and businesses who were affected, and to cover cleanup costs. today, the beaches and gulf are open for every
in half and we've had four years of trillion dollar budget deficits. these are promises and he's got to be held accountable for that. >> i hope mitt romney is listening to this and takes your advice. a debate of 90 minutes is a precious commodity and i'm saying that from romney's perspective, there are other issues that have a much better chance to move him forward than talking about solyndra. >> i got to leave it there, gentlemen. i know, did -- please stay with cnbc for tonight's...
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keep printing money and expecting the world to take it or buy treasury notes to fund trillion dollar deficits forever. the economy is slow and going into another dip. i actually think the next president will have a moment between november 7, and i do not know, this summer or fall of 2013 to do a lot. i would bet there is a huge legislative agenda in 2013. i did not really by the gridlock argument. if obama gets reelected, evil have a mandate basically -- he will have a mandate basically the lesser version of bowel- simpson. if romney wins, he will have a mandate for some version of the right and budget, probably tempered a little bit to get democratic votes. if he becomes president, he what the mandate for something close to that. either way, we will probably get a pretty big deal. i think 2013 becomes a big entitlement reform, tax reform, budget reform moment. there will be an amazing pivot on november 7. suddenly the campaign will be over. guess what, we are going to have entitlement reform. all of the things is that about mitt romney will destroy america, suddenly we will do something that
keep printing money and expecting the world to take it or buy treasury notes to fund trillion dollar deficits forever. the economy is slow and going into another dip. i actually think the next president will have a moment between november 7, and i do not know, this summer or fall of 2013 to do a lot. i would bet there is a huge legislative agenda in 2013. i did not really by the gridlock argument. if obama gets reelected, evil have a mandate basically -- he will have a mandate basically the...
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can you tell us otherwise you will end up with $40 trillion deficit, which tax loopholes will you close? >> kimberly: playing the role of mitt romney, eric bolling. >> eric: when you lower taxes and let people keep more of their money you bring growth back. >> bob: we have seen that work. >> kimberly: he won the debate. that easy. andrea what is your question? >> andrea: bill clinton spoke at the convention and he seemed to help barack obama. i am going to bring up bill clinton. president obama, when bill clinton left office he balanced the budget, cut social programs the unemployment number was low. urn your watch, the opposite happened. we have seen the budget been busted. so how are you like bill clinton? that is a tough question for him to answer. if it's me, i ask him, listen, i release my taxes. you have yet to release academic records, the white house records, see what he says. that would be tougher to answer. >> bob: for eight years we were all in a coma. curious. >> kimberly: bob is out of order. we're bring you back in "e" block. >> bob: clinton to obama. >> kimberly: guess wh
can you tell us otherwise you will end up with $40 trillion deficit, which tax loopholes will you close? >> kimberly: playing the role of mitt romney, eric bolling. >> eric: when you lower taxes and let people keep more of their money you bring growth back. >> bob: we have seen that work. >> kimberly: he won the debate. that easy. andrea what is your question? >> andrea: bill clinton spoke at the convention and he seemed to help barack obama. i am going to bring up...
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will show up and demand romney start providing details about, you want to cut taxes for everybody, deficit neutral, you say you'll deal with deductions and loopholes so let's talk about which deductions and loopholes. it's standard for the opponent to do that. is jim lehrer going to be there demanding and pressing for specific answers from romney that romney has refused to give in this campaign for obvious reasons because they would be politically poisonous if he gets into them. >> will jim lehrer hope the other guy will do it or will he see it as his primary responsibility as moderator because it's a free format. once you get two minutes each of these guys, it's up to somebody to say, okay, do it now, here's your time. i'll give you all the time you want. tell me how you're going to cut taxes. >> i think jim lehrer will press on this. i think he'll say what loopholes are you going to close? what tax benefits are you going to take away in? what cuts are you going to make in thing like pell grants. i don't know exactly how he will do it but i think he'll press on that. he prides himself on
will show up and demand romney start providing details about, you want to cut taxes for everybody, deficit neutral, you say you'll deal with deductions and loopholes so let's talk about which deductions and loopholes. it's standard for the opponent to do that. is jim lehrer going to be there demanding and pressing for specific answers from romney that romney has refused to give in this campaign for obvious reasons because they would be politically poisonous if he gets into them. >> will...
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, but those kids you're talking about they're graduating with a big overhang of, you know, debt and deficits as well to pay off down the road. >> and unemployment levels are at historic highs among youth today. >> the problem romney has is he says if i'm elected president i will do the following things. the problem is when he was governor he actually raised the debt to the highest level per capita at any place in america. he increased tuition. and he increased taxes. those aren't the things he's saying on the campaign trail. that's just what he did as governor. >> so here's the thing i would say to you, governor. if governor romney's track record is relevant, then president obama's track record is relevant. and under president obama the debt has gone to $16 trillion -- he has racked up under his presidency more debt in a single term than every president combined before him. >> that was true with reagan, carter, nixon. >> you have to sit and deal with that track record. >> one other issue we haven't talked about yet, one of these 15-minute segments is going to be about health care. what is th
, but those kids you're talking about they're graduating with a big overhang of, you know, debt and deficits as well to pay off down the road. >> and unemployment levels are at historic highs among youth today. >> the problem romney has is he says if i'm elected president i will do the following things. the problem is when he was governor he actually raised the debt to the highest level per capita at any place in america. he increased tuition. and he increased taxes. those aren't...
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the purpose of cutting taxes now is not to incur a budget deficit but to achieve a more prosperous expanding economy which can bring a budget surplus. could you have said it any better? >> no, i could not. the other thing kennedy said a rising tide lifts all boats. in other words he was getting away from the class warfare stuff. the class warfare thing makes a lot of sense politically but only politically. i don't think, obama knows this because he was asked this question back in 2008 and he understood sometimes you jack up the tax rate you get less and sometimes you bring it down and you get more but, his goal obviously is not to get more revenue for the government. it is to get more votes for himself by painting the republican as defenders of e rich while he is the champion of the middle class and the poor. david: well in 1980, as you well remember they tried the same thing against ronald reagan. in fact even some republican like george herbert walker bush called it voodoo economics this idea. the american public didn't like it. we like the notion of lower tax rates across the board for ev
the purpose of cutting taxes now is not to incur a budget deficit but to achieve a more prosperous expanding economy which can bring a budget surplus. could you have said it any better? >> no, i could not. the other thing kennedy said a rising tide lifts all boats. in other words he was getting away from the class warfare stuff. the class warfare thing makes a lot of sense politically but only politically. i don't think, obama knows this because he was asked this question back in 2008 and...
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that's a lot of revenue that could help with deficit, deficit reduction and our debt structure. the third piece of that is we could become more energy secure as a nation. today we're less reliant on outside sources. new technologies have allowed us to produce all the energy we'll need right here at home. if we create policies to allow us to use americans to create american energy, it'll benefit us all. those are the things that could be done immediately. >> so how come the administration isn't doing it, if it's that obvious these jobs can be created soon? >> well, it's unfortunate because i think their limitations on the industry is driven by, in my view, extreme ideology. it's driven by an irresponsible view that we can switch from one energy form to the other overnight. somehow, we can take the 62% of our energy in the u.s., which happens to be oil and natural gas, and just flip a switch and turn that to wind mills or solar panels. all energy forms are important to us, but the reality is it took us 100 years in the united states to get off wood as our primary form of energy. w
that's a lot of revenue that could help with deficit, deficit reduction and our debt structure. the third piece of that is we could become more energy secure as a nation. today we're less reliant on outside sources. new technologies have allowed us to produce all the energy we'll need right here at home. if we create policies to allow us to use americans to create american energy, it'll benefit us all. those are the things that could be done immediately. >> so how come the administration...
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his plan would probably explode the budget deficit. it's not a fiscally responsible plan. >> isn't it true, chris, that he has said he needs to work with congress in terms of going into the specifics of what those loopholes are? >> well, that's true. ultima ultimately, congress, in particular the house ways and means committee, would ultima ultimately write any major tax reform plan. my problem here is tax reform is supposed to be about simplification. i think romney's $17,000 cap would complex complex if i the . that would add a whole bunch of new leans to the 1040, which would make the code more complex. i think we should go to something like the paul ryan house plan he introduced a couple years ago which would eliminate virtually all deductions and credits and use the money to simplify the tax structure down to 10 and 25%. romney needs to be more bold here. his running mate has the bold ideas for tax reform. that's where we should be going here. >> you know, we've had various members of the house ways and means committee on this pro
his plan would probably explode the budget deficit. it's not a fiscally responsible plan. >> isn't it true, chris, that he has said he needs to work with congress in terms of going into the specifics of what those loopholes are? >> well, that's true. ultima ultimately, congress, in particular the house ways and means committee, would ultima ultimately write any major tax reform plan. my problem here is tax reform is supposed to be about simplification. i think romney's $17,000 cap...
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if you think about how we're running our country right now, we have about a 10% deficit when you look at the revenues we're bringing in and expenditures we have. rising interest rates would only exacerbate that problem. all of the policymakers know that, both on the monetary side and fiscal side. >> that's kind of a scary thought when you think about it. you seem to be saying that bernanke or whomever may run the fed in the future is going to be behold ton lower rates not necessarily to help jump-start the economies as well as make sure we don't get swamped by our budget deficit, if rates went up, our interest payments would escalate dramatically. >> david, that's exactly right. we may not be able to jump-start the economy. perhaps the best we can do is keep it from going into a free fall. that's a reality we're all contending with right now. >> all trying to figure out where we put our money in that scenario. lee, that for your time. lee partridge from salient partners. back to you guys. >>> there is mounting evidence that housing is really starting to turn the corner and the re-fi b
if you think about how we're running our country right now, we have about a 10% deficit when you look at the revenues we're bringing in and expenditures we have. rising interest rates would only exacerbate that problem. all of the policymakers know that, both on the monetary side and fiscal side. >> that's kind of a scary thought when you think about it. you seem to be saying that bernanke or whomever may run the fed in the future is going to be behold ton lower rates not necessarily to...
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33% say creating jobs. 13% say reforming the tax code. 33% say reducing the federal deficit. 6% say health care. 15% say i don't really care. fascinating. >>> let's see what's coming up on street signs. mandy? >> okay. we're going to take a look at why oil prices are dropping for all the wrong reasons on street sign. yeah, we might get cheaper gas eventually, but at what cost to the global economy? >>> then, we're going to debate what is better for your money, an obama win or a romney win. >>> plus, the one thing that wall street wants to hear at tonight's debate. >>> and later on, american airlines says all the seats are fixed. >>> lots of things coming up at the top of the hour. back to you on "power lunch." >>> the world's top asset managers and investors are meeting today to discuss the economic landscape and how to navigate it. our david faber is with them at the barefoot economic summit in larue, texas. >> i've joined by founder, cio of golden tree house and management. they're in bank loans, they're in bond, distressed investments, private equity structured products. credit is the n
33% say creating jobs. 13% say reforming the tax code. 33% say reducing the federal deficit. 6% say health care. 15% say i don't really care. fascinating. >>> let's see what's coming up on street signs. mandy? >> okay. we're going to take a look at why oil prices are dropping for all the wrong reasons on street sign. yeah, we might get cheaper gas eventually, but at what cost to the global economy? >>> then, we're going to debate what is better for your money, an obama...
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i think is liberal to cut taxes when you are operating a deficit, because you are spending money. >> i do not think your labels mean a lot. what i have said from the beginning -- the centerpiece of our problems is the national debt. we simply have to look at this. whether we do it this year because of the way our economy is or next year, $2.3 trillion. >> i want you to respond to this. >> i'm glad there is a clear contrast between the two of us. i do not believe we should raise taxes. i do not think the problem is that americans are not taxed enough. mr. sadler has been very candid that he would consider raising taxes on every single tax and who pays income tax is. >> that is not fair. >> if you would consider allowing all of the bush tax cuts to expire, that would raise taxes on every single tax and who pays income tax. are the texans to pay income taxes we would not raise taxes on? you did not have an answer. >> you will not put words in my mouth. i would say, the first place, we have to balance the budget, cut spending, and raise revenue to reduce the national debt. you have never
i think is liberal to cut taxes when you are operating a deficit, because you are spending money. >> i do not think your labels mean a lot. what i have said from the beginning -- the centerpiece of our problems is the national debt. we simply have to look at this. whether we do it this year because of the way our economy is or next year, $2.3 trillion. >> i want you to respond to this. >> i'm glad there is a clear contrast between the two of us. i do not believe we should...
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on the deficit and biological l2 mac, some of them for sure. so the question to me is what happens the morning after this election if romney loses. he wasn't far right enough. i wonder if the morning after the morning after. people would say we have gone too far to the right and we need a different republican party which i think the country desperately needs because it needs to be center-left and it's the only way we agree to get big compromises on these issues. >> can i add the role of history suggests the clinton and ronald reagan the second term as the productive term, the big achievement so it's hard to know whether the republican party will -- where they will push the blame if that happens, but the question is how they decide to spend the next four years and i think it's very hard to tell but there is some hope in looking back at both clinton and reagan. >> he was also a far right to limit took running the republican party at the time whoever they equivalent was a time and. but in fact he wasn't. life was a little more complicated by the f
on the deficit and biological l2 mac, some of them for sure. so the question to me is what happens the morning after this election if romney loses. he wasn't far right enough. i wonder if the morning after the morning after. people would say we have gone too far to the right and we need a different republican party which i think the country desperately needs because it needs to be center-left and it's the only way we agree to get big compromises on these issues. >> can i add the role of...
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we are going to explore the progress over the 112th congress and identify deficits. we are going to do my portion very quickly because what is interesting -- let me start by introducing them. on my right is hugh halpern leaders the staff director of the house of representatives committee on rules. on the committee he search as the chief adviser on committee and leadership patterns. immediately to my left is jim harper, director of information policy studies at the cato institute and founder of washington watchdog which keeps a close eye on legislation in federal funding. jim is the washington watchdog -- watch.com several times in the course of this presentation. last but not least is john wonderlich who is the policy director at the sunlight foundation and all-around transparency gadfly. that is his official title. more information about today's panelist on your chairs and transparencycaucus.org. i would like to thank the cochairs of the congressional transparency caucus for getting us this space and opportunity to have a conversation with you today. i promised i wo
we are going to explore the progress over the 112th congress and identify deficits. we are going to do my portion very quickly because what is interesting -- let me start by introducing them. on my right is hugh halpern leaders the staff director of the house of representatives committee on rules. on the committee he search as the chief adviser on committee and leadership patterns. immediately to my left is jim harper, director of information policy studies at the cato institute and founder of...
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you mentioned that mitt romney's closed the deficit among likely voters for obama from five points to three points. and in florida, he's closed from five down to one which is tied given the margin of error in our poll. in virginia, he has closed the gap from five to two. if you look at the state of ohio, a must-win state for mitt romney, mathematically possible for him to get to it without it but his strategists think he needs it. he needs to make progress there. but the fact that some of the national polls are coming back a little bit, some of the swing state polls are tightening, is a bit of an earn couragement for romney that he still has an opportunity for deficit with three or four points to change the dynamic in some way. he's got to hope that obama is not on his best game. you could have a scenario that like what happened in 2000 where george w. bush moved significantly without gore and ultimately became president. >> it's interesting that the poll also shows, as you mention, this 12% of swingable votes in the middle that he could potentially get a hold of. also ensuring that t
you mentioned that mitt romney's closed the deficit among likely voters for obama from five points to three points. and in florida, he's closed from five down to one which is tied given the margin of error in our poll. in virginia, he has closed the gap from five to two. if you look at the state of ohio, a must-win state for mitt romney, mathematically possible for him to get to it without it but his strategists think he needs it. he needs to make progress there. but the fact that some of the...
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going to do anything on medicare and medicaid when that's one of the biggest drivers of our budget deficit. >> wow! all right. >> so that was a portion of what the president said when bob asked him about a meeting on medicare that he had with harry reid, and then the speaker of the house, nancy pelosi. he's saying we've got to cut medicare. we've got to be responsible. democrats are saying no, we can't do that. and now the president, after telling boehner he would do that, is going out on the campaign trail saying those bad republicans want to cut medicare. by the way, this isn't about this election. this is about what happens after this election. how does this president -- >> exactly. >> -- after saying to the republicans, i'm going to cut medicare, which, again, is a responsible thing to do, the only thing you can do if you want to save the program, how can this president then get re-elected and go back to boehner and go, you know what? i said i'd cut medicare, and then i demagogued it and attacked you guys on the campaign. >> well, in his own words, he said it's bad politics to not draw
going to do anything on medicare and medicaid when that's one of the biggest drivers of our budget deficit. >> wow! all right. >> so that was a portion of what the president said when bob asked him about a meeting on medicare that he had with harry reid, and then the speaker of the house, nancy pelosi. he's saying we've got to cut medicare. we've got to be responsible. democrats are saying no, we can't do that. and now the president, after telling boehner he would do that, is going...
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and doesn't resolve the question about how do you keep the code without increasing the deficit. but it's a promising proposal that tax policy exports like because it is achievable. now, if you lump the deductions together and don't fight them one by one and have a cap, that is easier to get done. >> on that 17,000, a, do you think we're going to hear about it tonight? does that include things like charitable deductions, mortgage deductions? how far do you think that goes? >> reporter: yes, it does. >> 17,000 cap across the board. that is meaningful. that would have a huge impact on the real estate market, it would have a huge impact broadly. >> reporter: yes, i believe from what i was reading yesterday, and i haven't gotten a chance to delve into it that $17,000 level was set purposefully because people in the under $200,000 income category generally speaking don't have more than that, right? but it makes it easier to begin taking on deductions as you move up the scale. so i do think it's positive. i would expect him to get asked about it and, you know, if he starts sketching ou
and doesn't resolve the question about how do you keep the code without increasing the deficit. but it's a promising proposal that tax policy exports like because it is achievable. now, if you lump the deductions together and don't fight them one by one and have a cap, that is easier to get done. >> on that 17,000, a, do you think we're going to hear about it tonight? does that include things like charitable deductions, mortgage deductions? how far do you think that goes? >>...
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you're going to spend more money on defense, and you're going to cut the deficit all at the same time, and your answer is, i don't really have time. >> right,. [ laughter ] >> my 9-year-old niece in the fourth grade, she can't tell her teacher, you know, i don't have time to show you the math, trust me, this is the answer. it's not going to work. we want to hear from you 1-866-55-press. we're going to talk a little bit about paul ryan. we're going to talk a little bit about the debates answered we're going to hear a little bit more from mr. ryan as he talks about his -- as you talks about how he can't show us the math and how he has plans, failed plans for medicare cutting taxes and for america, right after this. >> on your radio and on current t.v., this is the bill press show. ♪ unrivaled analysis and commentary. >> you're going to hear that used as a major talking point. (vo) the only network with real-time reaction straight from the campaigns and from viewers like you. >>now that's politically direct. >> this is the bill press show live on your radio and current tv. >> good morn
you're going to spend more money on defense, and you're going to cut the deficit all at the same time, and your answer is, i don't really have time. >> right,. [ laughter ] >> my 9-year-old niece in the fourth grade, she can't tell her teacher, you know, i don't have time to show you the math, trust me, this is the answer. it's not going to work. we want to hear from you 1-866-55-press. we're going to talk a little bit about paul ryan. we're going to talk a little bit about the...
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we have seen a trade deficit explode. take auto parts. ten years ago, the trade deficit was $1 billion with china on auto parts. today it's $10 billion. that's why the president at the urging of a number of us, they have taken china to the world trade organization to show china is cheating and to ask for tariffs to protect american companies and to protect american workers. and we're seeing a pattern of the government finally on the side of workers, finally on the side of american manufacturing, standing up for american workers against china. we have a new steel mill. we're seeing jobs actually come to this country or stay in this country because we're standing up and enforcing trade rules. >> romney and the republicans keep talking about another tax cut for the job creators. don't we just see them increasing their profits by outsourcing this way? i mean, the model that romney wants to lay on the country, how could it be good for workers in ohio? >> well, it's not. we tried these tax cuts for the rich. hoping it trickles down to the middl
we have seen a trade deficit explode. take auto parts. ten years ago, the trade deficit was $1 billion with china on auto parts. today it's $10 billion. that's why the president at the urging of a number of us, they have taken china to the world trade organization to show china is cheating and to ask for tariffs to protect american companies and to protect american workers. and we're seeing a pattern of the government finally on the side of workers, finally on the side of american...
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not about deficit reduction. it is all about tax cuts, but more than any of that, it is about a political philosophy. let's turn over medicare to the private sector. that takes us back before 1965 when the issues at stake, the inability of seniors to afford health care and the inability of their family to provide cost of health care, that is not the direction. not the direction that we need to go in with medicare. it does not need to be privatized. we are not going to let it happen. i would like to introduce now my cochair, congressman george miller. >> thank you very much. i want to thank everyone for attending this morning. the information conveyed by the personal witnesses and by the experts was simply a devastating message to current retirees on the thousands of dollars that they will now have to come up with as they continue to use medicare in the future. a program that they pay their entire working life for in order to have those benefits. the romney-ryan budget now changes that contract and they will not b
not about deficit reduction. it is all about tax cuts, but more than any of that, it is about a political philosophy. let's turn over medicare to the private sector. that takes us back before 1965 when the issues at stake, the inability of seniors to afford health care and the inability of their family to provide cost of health care, that is not the direction. not the direction that we need to go in with medicare. it does not need to be privatized. we are not going to let it happen. i would...
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i think is liberal to cut taxes when you are operating a deficit, because you are spending money. >> i do not think your labels mean a lot. what i have said from the beginning -- the centerpiece of our problems is the national debt. we simply have to look at this. whether we do it this year because of the way our economy is or next year, a two-door 0.3 trillion -- 2.3 doris trillion -- >> i want you to respond to this. >> i'm glad there is a clear contrast between the two of us. i do not believe we should raise taxes. i do not think the problem is that americans are not taxed enough. mr. sadler has been very candid that he would consider raising taxes on every single tax and who pays income tax is. >> that is not fair. >> if you would consider allowing all of the bush tax cuts to expire, that would raise taxes on every single tax and who pays income tax. are the texans to pay income taxes we would not raise taxes on? you did not have an answer. >> you will not put words in my mouth. i would say, the first place, we have to balance the budget, cut spending, and raise revenue to reduce
i think is liberal to cut taxes when you are operating a deficit, because you are spending money. >> i do not think your labels mean a lot. what i have said from the beginning -- the centerpiece of our problems is the national debt. we simply have to look at this. whether we do it this year because of the way our economy is or next year, a two-door 0.3 trillion -- 2.3 doris trillion -- >> i want you to respond to this. >> i'm glad there is a clear contrast between the two of...
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the obama budget has been scored by the cbo and has a 2.4% deficit-reduction in the next 10 years. you can argue over what you think that is enough in not to stabilize the debt to gdp ratio but conversely, i'm not actually sure i would want to see ronnie detail all of the tax expenditure changes he says he will come up with. the problem, of course, is betting campaign, if people -- is tt in campaigns, if people start putting out more detailed proposals, demobilize the opposition. this is kind of like the 1993 securities commission. the two parties can hold hands and they do not start out being a brahney proposal or an obama proposal or a republican proposal or a democrat proposal. i am interested in what is in the debates in the next four weeks -- i am less interested in what is in the debates in the next four weeks and then what the vendor does in the weeks after the election. >> why would you like to hear -- what would you like to hear obama say in the weeks after the election? >> we are not going to have a deal that does not have revenues and spending. the biggest obstacle is on
the obama budget has been scored by the cbo and has a 2.4% deficit-reduction in the next 10 years. you can argue over what you think that is enough in not to stabilize the debt to gdp ratio but conversely, i'm not actually sure i would want to see ronnie detail all of the tax expenditure changes he says he will come up with. the problem, of course, is betting campaign, if people -- is tt in campaigns, if people start putting out more detailed proposals, demobilize the opposition. this is kind...
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we have seen a budget come out that continues to bring the deficit down to sustainable levels. europe has pledged to work in partnership with spain to make sure its banks get recapitalized and continue to afford a access the markets. we will see as they work in the partnerships the days ahead again, they have the tools and we see the political will on the part of the spanish go >> you watch spain, you just got back from china. i have a bunch of questions about china, stories in the paper, lael, in china is the first question, the second question is the republican nominee, mitt romney, has accused the obama administration of not being tough enough on china. the third question you have a report coming out october 15th on whether china is a currency manipulator. what are you going to say? >> well, let me just start with your first question. china's leadership team is undergoing a transition process and confront important questions how they are going to take forward their economic policy. steve, as you know, since day one, president obama's been extremely focused on achieving a mor
we have seen a budget come out that continues to bring the deficit down to sustainable levels. europe has pledged to work in partnership with spain to make sure its banks get recapitalized and continue to afford a access the markets. we will see as they work in the partnerships the days ahead again, they have the tools and we see the political will on the part of the spanish go >> you watch spain, you just got back from china. i have a bunch of questions about china, stories in the paper,...
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in terms of achieving the same amount of deficit reduction over the 10-year window. just use the budge -- budget committees and budge budget process to enforce this. to come up with reforms that achieve certain spending or revenue targets. the tpc's analysis is the kind of analysis we're going to need to be able to recycle as we go. it is the kind of analysis we need because it tells us something about what each can looks like in its present form. it tells us do we really want to use this can like this or do we need to melt it down and reshape it and use it for different parts of the whole system? and we're going to need more of these analyses. we'll need more analyses not just the distributional effects but the tradeoffs. for example if we want to keep tax cuts low, we need to broaden the base. what are some different tradeoffs if i want to lower the rates by 10%, how much am i going to have to broad the base. what are the most progressive elements of that? tax policy center will be busy in the next year is what i predict and, i think that what wee need to do is kee
in terms of achieving the same amount of deficit reduction over the 10-year window. just use the budge -- budget committees and budge budget process to enforce this. to come up with reforms that achieve certain spending or revenue targets. the tpc's analysis is the kind of analysis we're going to need to be able to recycle as we go. it is the kind of analysis we need because it tells us something about what each can looks like in its present form. it tells us do we really want to use this can...
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that increased our deficit by almost $1 trillion. maybe if we can negotiate more, maybe we can have more money left for infrastructure and schools and teacher pay and police officers. that is where we need it. it is not about regulation. i was looking how to make a profit. we overcome the obstacles we find. frome so far removed reality. i don't think you know what the small business is a less it is a hedge fund. this was a difficult thing for me. i was going to ask about the insuring the treasury bonds or why you carve out the spousal exemption for why you took $5 million from sheldon adelson. this is from my son. last year when you and the president went on a budget standoff that threaten to shut down the government, he voted to continue paying members of congress. you voted against a bill which would have been short the members of the armed services continue to get paid. how could you in good conscience vote to continue your own pay but vote to stop paying our servicemen and women that you voted to send into combat in afghanistan?
that increased our deficit by almost $1 trillion. maybe if we can negotiate more, maybe we can have more money left for infrastructure and schools and teacher pay and police officers. that is where we need it. it is not about regulation. i was looking how to make a profit. we overcome the obstacles we find. frome so far removed reality. i don't think you know what the small business is a less it is a hedge fund. this was a difficult thing for me. i was going to ask about the insuring the...
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promises, john, in 2008, on that same stage when he was going after senator mccain about cutting the deficit in half. enacting a comprehensive immigration reform. closing guantanamo bay. >> let's talk about immigration reform. >> yeah. >> because mitt romney's been criticized, as well, for not being specific about his plans. and last night in denver, he may have made a little bit of news on his views on immigration policy specifically. he did an interview with the denver post, where he talked about the dream act or the waivers that president obama granted to kids born here in this country. and this is what governor romney said. he said the people who have received the special visa that the president put in place, which is a two-year visa, should expect that the visa would continue to be valid. i'm not going to take something that they purchased away basically before those visas have expired we will have the full immigration reform plan that i've proposed. what he's saying there is he's not going to go after these people. this is the first time that he's really said that. he's had months to l
promises, john, in 2008, on that same stage when he was going after senator mccain about cutting the deficit in half. enacting a comprehensive immigration reform. closing guantanamo bay. >> let's talk about immigration reform. >> yeah. >> because mitt romney's been criticized, as well, for not being specific about his plans. and last night in denver, he may have made a little bit of news on his views on immigration policy specifically. he did an interview with the denver post,...